Stock Market Holiday, Dussehra 2024: Will Trading On BSE, NSE Open Or Closed On October 12? Weekly Outlook

Stock market holidays 2024: India is all set to celebrate Vijayadashami commonly known as Dussehra or Dasara on October 12. It is an official public and bank holiday in major cities of India. What about the stock market in India, are they closed as well?

Indian stock market is closed on October 12, one reason being that it is a Saturday - a default holiday for trading.

That being said, the Indian stock market is closed for trading equity, equity derivatives, derivatives, commodities, bonds, yields, currency, currency derivatives and the SLB market.

As per the NSE website, trading on the equities segment takes place on all days of the week (except Saturdays and Sundays and holidays declared by the Exchange in advance). The market timings of the equities segment are: from 0915 Hours to 1530 hours.

There is a pre-open session where order entry or modification is opened at 0900 hours every weekday, while it closes at 0908 hours. Pre-open order matching starts immediately after the close of pre-open order entry.

Further, the closing session is held between 1540 hours to 1600 hours during weekdays.

Stock markets are only open on Saturdays when BSE and NSE are carrying mock sessions or special live sessions, which is currently not on October 12.

Market Weekly Outlook:

Indian equity markets ended in the red for the second consecutive session on Friday, October 11, with both the Sensex and Nifty closing with minor losses. The Sensex dropped 230 points to settle at 81,386, while the Nifty fell 34 points to end at 24,964. Despite the volatility, midcaps stood out as a bright spot, with the Midcap Index gaining 277 points to close at 59,213.

Vinod Nair, Head of Research, at Geojit Financial Services said, "This week, the market exhibited a mixed trend and ended with a negative bias. The Indian market is currently in a phase of consolidation due to premium valuations and a subdued outlook for Q2 results. In contrast, FIIs are capitalizing on arbitrage opportunities in the Chinese markets, driven by stimulus measures and low valuations. The RBI policy was neutral, as the change in stance does not indicate the likelihood of a rate cut in the near term."

Nair further said the ruling party's stronger-than-expected performance in the Haryana and Jammu & Kashmir state elections brought a degree of optimism to the domestic market. Consequently, the broader market showed some resilience and attempted to bounce back, with the Nifty50 index finding support at the 24,800 level. However, this support remains tentative, posing the risk of being at an intermediate level. This week, the market could not sustain its positivity, and the Nifty50 closed below 25,000.

Lastly, he added, the recent increase in the US 10-year Treasury yield, driven by an unexpected rise in core inflation and ongoing geopolitical challenges, has prompted FIIs to shift towards more affordable markets. This trend is expected to affect equity asset performance in the short term. Next week, Q2 FY25 results will be closely monitored. The preview of Q2 results suggests a weaker performance on a quarter-on-quarter basis. The risk of downgrades is increasing, which could reduce India's premium valuation in the short to medium term.